Word: sectoral
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...recession than the U.S. or the Eurozone. The Organization for Economic Co-Operation and Development (OECD) projects that 2009 GDP will grow 0.1% in Japan, compared with 0.9% in the U.S. and 0.5% across the Eurozone. "Financial-debt-to-GDP ratio is an advantage, and debt in the private sector has not increased, unlike in the U.S. and European countries," says Hiromichi Shirakawa, chief economist at Credit Suisse Japan. "The economy is less vulnerable." Nevertheless, he says, Japan is not an island: nothing points to an economic recovery in Japan unless the global economy picks up. According to Andreas Schuster...
...Republicans believe Detroit should simply tap the $25 billion that was already appropriated earlier this year to help the companies develop more fuel-efficient technologies for the future. The White House, at pains to show that it is not simply giving up on the nation's entire domestic automobile sector, pushed that approach again on Monday, saying the Administration "does not want U.S. automakers to fail...
...advisers are looking into using TARP funds along with some money from outside investors to buy up credit card, auto loans and other, non-mortgage consumers debt. The financing mechanism for that type of debt, often called securitization, has stalled like much of the rest of the banking sector. Paulson is hoping that buying up debts directly will be a better way of stimulating lending than just purchasing banks' shares and trying to force the firms to extend loans...
...financial sector began to teeter in September, South Korea's government believed that it was in a far stronger position than a decade ago. Its financial institutions seemed sturdy, with a mere $70 million of those toxic mortgage-backed securities that doomed banks in the U.S., while the central bank was well stocked with $240 billion of hard-currency reserves - more than sufficient, economists believed, to protect the economy from any external shocks. "We didn't need a special spotlight," says Yi Jong Goo, standing commissioner at the Financial Services Commission (FSC), the government agency that oversees the country...
...their jobs in the wake of the financial crisis - grim news for both individual Filipinos and their government. By law, the government isn't allowed to promote overseas employment. But the Department of Labor does arrange state-to-state labor contracts that send workers abroad and openly encourages private-sector recruitment for overseas jobs. Evidence of its success, in the form of advertisements for English courses, technical schools and recruitment centers, is plastered across buildings and telephone poles throughout Manila. "It's a global phenomenon; we have to accept it," says Vivian Tornea, a director at the Department of Labor...